Competition Act 1998 (CA98) investigations
We have concurrent powers to enforce the prohibitions under UK competition law on anti-competitive agreements and conduct in relation to participation in payment systems in the UK.
Our CA98 Guidance describes how we exercise our concurrent competition enforcement powers in respect of the prohibitions in Chapter I and Chapter II CA98 in relation to participation in payment systems within the UK, in particular the enforcement processes we will follow, and how these relate to our other powers and duties.
Our CA98 work
CA98 investigation into the supply of prepaid cards
Statement of objections
- Press release: The PSR provisionally finds five companies broke the law by engaging in cartel behaviour in the pre-paid cards market (31.03.21)
Infringement decision
- Press release: The PSR fines five companies more than £33 million for cartel behaviour in the prepaid cards market (18.01.22)
- Non-confidential version of the decision: PSR non-confidential decision: anti-competitive conduct in the prepaid card services sector (05.04.22)
Interchange Fee Regulation (IFR) investigations
As the lead authority for the UK IFR, we have published guidance on our approach to monitoring and enforcing the IFR. Our powers to monitor and enforce the IFR are set out in the Payment Card Interchange Fee Regulations 2015.
Our IFR work
Investigation into NatWest Group banks’ non-compliance with the IFR
Conclusion of investigation
- Press release: PSR fines NatWest Group banks £1.82m for overcharging interchange fees on credit cards (12.05.22)
- Decision notice: Decision Notice: PSR investigation into NatWest Group banks’ non-compliance with the Interchange Fee Regulation (12.05.22)
Investigation into Barclays' failure to comply with the IFR
Conclusion of investigation
- Press release: PSR fines Barclays bank £8.4m for breaking interchange fee rule (01.12.22)
- Decision notice: Decision Notice: PSR investigation into Barclays' failure to comply with the IFR (01.12.22)
Compliance failure by the Cheque and Credit Clearing Company Ltd (C&CCC)
- Decision notice: Compliance failure - Cheque and Credit Clearing Company Ltd (C&CCC)